Business & Economy

China declares all cryptocurrency transactions illegal

Beijing, Sep 24 (EFE).- The Chinese central bank on Friday issued a statement underlining that cryptocurrencies did not enjoy the approval of the authorities and that virtual currency transactions were “illegal” for altering the economic and financial order.

The People’s Bank of China, along with nine other Chinese government institutions such as the Cyberspace Administration and the Ministry of Public Security, pointed out that virtual currency transactions facilitated several illegal criminal activities such as money laundering, illegal fundraising, fraud and pyramid schemes, among others.

The central bank said Bitcoin, Ethereum and other virtual currencies issued by non-monetary authorities do not have the same status as the legal tender of the country and therefore cannot circulate in the market as currency.

The statement also urged the local authorities to increase supervision to build a system of prevention and elimination of speculation risks. EFE


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